"Closing Costs" are the fees which pay for various services involved when you sell or buy a house. Sellers and buyers almost always negotiate to determine who will pay different portions of these costs.
As you'll see below, many of the buyer's costs are related to the costs of originating the mortgage loan. Since Bob Rutledge Mortgage has extensive experience with mortgages and closings, we can help you understand your closing costs.
Very soon after you submit your application, we will give you a "Loan Estimate" of your closing costs. The closing costs specified in the Loan Estimate are estimated based on our experience with mortgage loans, but costs often change by small amounts between the LE and closing. We will be glad to review the "Loan Estimate," answering questions and pointing out costs that sometimes vary a little bit at the closing table.
Below is a fairly general list of closing costs. We will provide a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs
Escrow Fees TaxesLoan Origination Fee Points — A fee paid to lower your mortgage interest rate (optional) Appraisal Fee Obtaining Your Credit Report Up-front Interest Payment
Recording Fees & Transfer Taxes Insurance
Title Insurance Flood or Quake Insurance Private Mortgage Insurance (PMI)
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